Covid 19 Loan Scheme Personal Loan by BOI Application form Online

Covid 19 Loan Scheme Personal Loan by BOI Application form Online, bank of india corona personal loan, Bank Of India Corona Sahayata Loan Scheme:- Bank of India was founded on 7th September, 1906 by a group of eminent businessmen from Mumbai. The Bank was under private ownership and control till July 1969 when it was nationalised along with 13 other banks. Beginning with one office in Mumbai, with a paid-up capital of Rs.50 lakh and 50 employees, the Bank has made a rapid growth over the years and blossomed into a mighty institution with a strong national presence and sizable international operations. In business volume, the Bank occupies a premier position among the nationalised banks. The Bank has over 5000 branches in India spread over all states/ union territories including specialized branches. These branches are controlled through 55 Zonal Offices and 8 NBG Offices. There are 60 branches/ offices and 5 Subsidaries and 1 joint venture abroad.

Covid 19 Loan Scheme

Banks have laid out conditions on who would be eligible for this loan product. For instance, Bank of Maharashtra offers it only to its existing housing loan customers. If you are a salaried person, the loan amount allowed will be 10 times your latest gross monthly salary. In case you are self-employed, then you will get a loan of up to 60 per cent of your latest annual income based on the latest tax filings. The maximum loan amount is capped at Rs 3 lakh for both salaried and self-employed home loan customers. The Bank came out with its maiden public issue in 1997 and follow on Qualified Institutions Placement in February 2008.

Covid 19 Loan Scheme
Covid 19 Loan Scheme

While firmly adhering to a policy of prudence and caution, the Bank has been in the forefront of introducing various innovative services and systems. Business has been conducted with the successful blend of traditional values and ethics and the most modern infrastructure. The Bank has been the first among the nationalised banks to establish a fully computerised branch and ATM facility at the Mahalaxmi Branch at Mumbai way back in 1989. The Bank is also a Founder Member of SWIFT in India. It pioneered the introduction of the Health Code System in 1982, for evaluating/ rating its credit portfolio. Presently Bank has overseas presence in 18 foreign countries spread over 5 continents – with 52 offices including 4 Subsidiaries, 1 Representative Office and 1 Joint Venture, at key banking and financial centres viz., Tokyo, Singapore, Hong Kong, London, Paris and New York.

Bank of India Covid 19 Loan Scheme

Bank of Baroda offers its own version of COVID-19 personal loan to its home, car, personal, education and other loan customers. Borrowers should have a minimum of six months’ relationship with the bank. And the existing loan amount should have been fully disbursed to the borrower before applying for the COVID-19 product. If the original loan has a moratorium, then the moratorium period should also have been completed. And, at least three instalments of the original loan must have been paid before the borrower applies for the COVID-19 loan. A good past track record in repaying loans is crucial to be eligible.

Eligibility Criteria of BOB customers

  • Customers Drawing salary through our Bank (he/she should be drawing salary through our bank for more than one year)
  • All existing standard housing loan customers (the valuation report on bank’s record should not be more than 2 years old)
  • All existing standard personal loan customers

Amount of Loan provided by BOI

  • For salaried: 3 times of last drawn gross salary; Max: Rs. 5.00 Lakhs.
  • For existing housing loan customers: 25% of residual value of the Market value of the property as per the latest valuation report; Max: Rs. 5.00 Lakhs.

BOI NTHP

  • Minimum 25% irrespective of income category of the borrower.

COVID-19 Loan Amount interest Rate

  • RBLR floating with monthly rests (refer to the website for latest rate of interest).

Repayment

  • For Demand loan: 36 months including moratorium period of 6 months

Covid 19 Personal Loan Application Form

Download form;- https://www.bankofindia.co.in/pdf/COVID_PL_Application.pdf

SOP for COVID Personal Loan scheme

  • The applicant can visit https://www.bankofindia.co.in/COVID19PersonalLoan for Scheme details.
  • The application for the loan can be applied on Bank’s Website* or submit the application physically in the Branch nearest to your residence.
    • * https://retailonline.bankofindia.co.in/lendperfect/landing
    • www.bankofindia.co.in
  • The following documents are required to be submitted along with the application
    • KYC documents and latest proof of address.
    • Two passport size photographs
    • Latest salary slip/ITR.
  • You can track the stage of your application on our Bank’s website if you have reference number or CAPS application number.
  • No processing charges.
  • The TAT under the scheme is 3 days.
  • The documents to be executed as stipulated in the scheme.
  • The sanctioned loan amount will be credited to your salary account with the Branch or operative account with the Branch.

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